Practice Quiz

Health and Life Insurance

Category - Annuities & Policies

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The concept of indemnity means
  1. Insurance restores the insured in part to the condition prior to loss
  2. `Insurance restores the insured in whole to the condition prior to loss
  3. Insurance restores the insured in whole or in part to the condition prior to loss
  4. Insurance restores the insured in payment only for replacement.
Explanation
Answer: C - The concept if indemnity means that insurance restores the insured in whole or in part to the condition prior to the loss. Restoration to the insured can be in the form of payment for losses, repairs, or replacement of property that was damaged or destroyed.
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